Serentica Renewables on Monday announced that it will develop a solar-wind hybrid project with a total installed capacity of 170 MW to supply captive power to tyre manufacturer MRF Ltd.
A special purpose vehicle was created to supply RE power to MRF in which MRF has picked captive minority stake and the rest is held by Serentica, a company statement said.
Serentica has signed a long-term Power Purchase Agreement (PPA) with MRF to supply clean power under the captive power framework.
The clean energy will be supplied from a new hybrid renewable energy project with a total installed capacity of around 170 MW, currently under development by Serentica.
The project will integrate both solar and wind generation to deliver round-the-clock renewable energy for MRF's manufacturing facilities across India through the ISTS (Inter-State Transmission System) network.
The captive arrangement will allow MRF to meet its substantial electricity requirements, supporting its ongoing sustainability and net-zero ambitions.
"By combining renewable energy with cutting-edge storage and hybrid solutions, we are delivering clean and reliable power to help leading industries like MRF transition to a sustainable future," CEO Akshay Hiranandani said.
Established in 2022, Serentica Renewables is a leading renewable independent power producer (IPP) committed to decarbonizing hard-to-abate industries by providing firm dispatchable renewable energy (FDRE) solutions.
The company has achieved a significant milestone by reaching 1,000 MW of renewable energy capacity, with ongoing projects across multiple states, leveraging a mix of solar, wind, energy storage, and advanced balancing solutions.
Backed by a $650 million investment from KKR, Serentica aims to supply over 50 billion units of clean energy annually, enabling the displacement of 47 million tonne of COâ‚‚ emissions.
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